Involuntary Transferee definition

Involuntary Transferee has the meaning given in Section 12.4.

Involuntary Transferee has the meaning set forth in Section 3.2(a).

Involuntary Transferee has the meaning set forth in Section 5(a).

Examples of Involuntary Transferee in a sentence

• An Involuntary Transferee shall not be deemed a Member until such time if ever, that they seek admission and are approved as a Substitute Member(s).

• Any successor in Interest who succeeds to a Member’s Interest by operation of law (per Article 12.2) shall henceforth be known as an Involuntary Transferee.

• Any Distributions that may be due a Disassociated Member shall be held in trust and no Distributions shall be made to an Involuntary Transferee until it produces and executes such documentation as the Manager deems necessary to evidence the Transfer of the Disassociated Member’s Economic Interest, and to indemnify the Company and the Manager for any liability related to making Distributions directly to the holder of the Economic Interest.

• If there is no Involuntary Transferee, and no third party buyer is found and the Manager or Remaining Members do not wish to purchase the Disassociated Member’s Interest, the Disassociated Member will only be entitled to receive its Economic Interest (no voting rights), indefinitely, until such time as the Company is dissolved.

• A Disassociated Member (or its legal successor) will continue to receive only the Disassociated Member’s Economic Interest in the Company, unless the Disassociated Member/Involuntary Transferee elects to sell its Interest to the Manager or Members (Purchasing Members) or to a third party buyer (Voluntary Transferee) following the procedures described in Article 11.5; and/or a Voluntary or Involuntary Transferee seeks admission and is approved by the Manager as a Substitute Member (per Article 11.4).

More Definitions of Involuntary Transferee

Involuntary Transferee has the meaning set forth in Section 3.2(a) of this Agreement.

Involuntary Transferee shall have the meaning set forth in Section 2.8.

Involuntary Transferee shall have a corresponding meaning.

Involuntary Transferee means any Person to the extent such Person has acquired or will acquire any right, title or interest in or to any Membership Interest (or portion thereof) as a result of or in connection with an Involuntary Transfer, unless and until such Person is admitted as a Member in accordance with this Agreement with respect to and to the extent of such Membership Interest.

Involuntary Transferee means a Person who acquires or who is poised to acquire Units from a Member as the result of an Involuntary Transfer.

Involuntary Transferee is defined in Section 15.5.

Involuntary Transferee has the meaning set forth in Section 13.6 of this Agreement.